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International Commerce question

by ZihuaRob ⌂ @, Zihuatanejo, México, Wednesday, September 04, 2019, 20:07 (49 days ago)

Need to pick your brain if anyone can help with a dilemma I'm not finding any easy solutions for.

I've used PayPal for over 15 years to accept and make payments, mostly from and in the USA. What has been a major attraction to use them is that I can just leave payments in my PayPal account instead of transferring them to my bank. But as of the 25th of this month they are going to automatically transfer all payments directly to users' bank accounts where I don't need or want it because it will cause me to lose TWICE on the friggin exchange rate because I use PayPal almost exclusively to pay bills in the U.S.

I don't mind paying taxes, but I do mind getting screwed by exchange rates and having to register my Mexican bank account with online services where larger amounts of cash are vulnerable to thieves than using my PayPal account where I usually only keep a few hundred dollars for paying bills in dollars. PayPal has been a safety feature as well as extremely convenient. Also, some U.S. services I use don't accept foreign bank accounts, and PayPal has been a go-around for that problem.

Unfortunately while there are plenty of online payment services, that isn't my problem. My problem is avoiding getting screwed by having payments converted to pesos and then converting them back to dollars when I pay for things like domain names, one of my regular and major expenses for my clients. I've done a bit of searching and all I come up with are services that will accept payments online but then want to transfer them to my bank account.

I never imagined that PayPal would risk losing so much business by doing something like this. Not sure why they're essentially cancelling one of the most useful parts of their service.

Anyone use a service that I could use as a substitute for PayPal?

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International Commerce question

by Talley Ho @, Playa la Ropa, Wednesday, September 04, 2019, 21:34 (49 days ago) @ ZihuaRob

It's a work around, but we think we have one.

PayPal was a division of/owned by eBay for years, and in the last couple of years it was separated because one of the people on their board decided it needed to be separate. It was then sold. eBay is now introducing their own payment system that is better for both buyers and especially sellers. We first used it as Buyers on Monday. We no longer sell, we are retired and living here full time.

How do we know this? Our work on eBay allowed us to be able to retire comfortably and buy a home here, cash, and be in paradise.

We'll talk in person, but the work around will involve a bit of legwork.

We use Capital One 360 for literally all of our banking needs. They are an on line bank that charges absolutely no fees for anything. The only catch is that we have to be able to provide a US residential address.

That doesn't mean much. Our home here is considered by them to be our "vacation home" that we live in 100% of the time. They even have our ATM and credit cards delivered here free of charge. They are very easy to use for online payments and to use to send cash to places and people.

That residential address? That's the only thing, and nothing will ever be sent there. Think creatively!

International Commerce question

by Dougschuler @, Denver, Wednesday, September 04, 2019, 21:53 (49 days ago) @ Talley Ho

i use Xoom to send money from U.S. to Mexico and Guatemala. Money is taken out of bank account c. I don't think that will work for you. But I have another app called Venmo which I use in my business. People pay me for work by accessing my Venmo account through my email, phone number or name. through their Venmo account.ts an instant transfer. The money stays in my account until I pay someone through their account. The neat thing is they issue a credit card attached to your Venmo account
that works like any other credit card

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International Commerce question

by ZihuaRob ⌂ @, Zihuatanejo, México, Wednesday, September 04, 2019, 22:16 (49 days ago) @ Dougschuler

i use Xoom to send money from U.S. to Mexico and Guatemala. Money is taken out of bank account c. I don't think that will work for you. But I have another app called Venmo which I use in my business. People pay me for work by accessing my Venmo account through my email, phone number or name. through their Venmo account.ts an instant transfer. The money stays in my account until I pay someone through their account. The neat thing is they issue a credit card attached to your Venmo account
that works like any other credit card

Venmo sounds like the type of service that might work. The biggest problem is going to find a way to PAY for the services that currently accept PayPal but not a service like Vemo, but I think once all the big online merchants that currently accept PayPal see the huge drop in purchases via PayPal then whatever alternative people like me go to will soon become widely accepted. The transition period is going to be tough for a lot of folks, but this is unavoidable since PayPal seems determined to shoot themselves in the foot.

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International Commerce question

by ZihuaRob ⌂ @, Zihuatanejo, México, Wednesday, September 04, 2019, 22:21 (49 days ago) @ Talley Ho

It's a work around, but we think we have one.

PayPal was a division of/owned by eBay for years, and in the last couple of years it was separated because one of the people on their board decided it needed to be separate. It was then sold. eBay is now introducing their own payment system that is better for both buyers and especially sellers. We first used it as Buyers on Monday. We no longer sell, we are retired and living here full time.

How do we know this? Our work on eBay allowed us to be able to retire comfortably and buy a home here, cash, and be in paradise.

We'll talk in person, but the work around will involve a bit of legwork.

We use Capital One 360 for literally all of our banking needs. They are an on line bank that charges absolutely no fees for anything. The only catch is that we have to be able to provide a US residential address.

That doesn't mean much. Our home here is considered by them to be our "vacation home" that we live in 100% of the time. They even have our ATM and credit cards delivered here free of charge. They are very easy to use for online payments and to use to send cash to places and people.

That residential address? That's the only thing, and nothing will ever be sent there. Think creatively!

Capital One was one of my first thoughts. I have a Stateside address, not a problem. I just wanted the advice of someone like you who’s used them and has the first hand experience I need to know about. Yes, I’d love to get together with y’all.

International Commerce question

by cd69 @, Winnipeg,MB,Canada, Thursday, September 05, 2019, 01:55 (48 days ago) @ ZihuaRob

I am someone with also a lot of transactions through Paypal and Ebay and never used my bank account but a credit card. But I am in Canada Rob so it may be different for me.

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International Commerce question

by mexicoman @, Zihuatanejo, Thursday, September 05, 2019, 08:25 (48 days ago) @ ZihuaRob

Check out Transferwise.com. Their Borderless Account may be what you are looking for. You can hold money in multiple currencies and pay out however you choose. The best exchange rate and low, low fees for transfers.

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International Commerce question

by ZihuaRob ⌂ @, Zihuatanejo, México, Monday, September 09, 2019, 13:52 (44 days ago) @ mexicoman

Check out Transferwise.com. Their Borderless Account may be what you are looking for. You can hold money in multiple currencies and pay out however you choose. The best exchange rate and low, low fees for transfers.

This is looking more and more like the best alternative. How long did it take to get your card? Any minimum account requirements like I just discovered with another service? I'd like to start requesting payments by this method ASAP.

PayU is another service popular here in Latin America that I'm looking at, but TransferWise may be easier to get added to payment methods that don't currently accept it such as Netflix.

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International Commerce question

by mexicoman @, Zihuatanejo, Monday, September 09, 2019, 14:48 (44 days ago) @ ZihuaRob

I don't have the Borderless Account or the debit card, I just move money to our Mexican bank. Their service is excellent; quick, easy and reasonable rates. The ability to hold and pay in multiple currencies seems to be a winner.

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International Commerce question

by mexicoman @, Zihuatanejo, Monday, September 09, 2019, 14:49 (44 days ago) @ ZihuaRob

No minimums that I am aware of.

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International Commerce question

by ZihuaRob ⌂ @, Zihuatanejo, México, Monday, September 09, 2019, 15:49 (44 days ago) @ mexicoman

No minimums that I am aware of.

They don’t yet issue credit or debit cards for Mexico so using it for purchases is going to be problematic.

International Commerce question

by Scott, Playa del Carmen, Quintana Roo, Mexico, Monday, September 09, 2019, 15:45 (44 days ago) @ ZihuaRob

This is looking more and more like the best alternative.

As far as I know, TransferWise Borderless isn't available in Mexico. You'd have to do it as a US citizen, and you wouldn't be able to link it to your Mexican accounts.

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International Commerce question

by mexicoman @, Zihuatanejo, Monday, September 09, 2019, 19:13 (44 days ago) @ Scott

That seems odd they have an account at BBVA Mexico. My Soc
Sec. is transferred from there.

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International Commerce question

by ZihuaRob ⌂ @, Zihuatanejo, México, Monday, September 09, 2019, 19:28 (44 days ago) @ Scott

This is looking more and more like the best alternative.

As far as I know, TransferWise Borderless isn't available in Mexico. You'd have to do it as a US citizen, and you wouldn't be able to link it to your Mexican accounts.

I'm waiting to hear back from them. Not having the ability to pay bills and make simple purchases in dollars would be a bummer. Puts me basically back at square one. It says they can make payments in pesos, so that suggests I should be able to get money from the account, but I'll await their reply.

International Commerce question

by Scott, Playa del Carmen, Quintana Roo, Mexico, Monday, September 09, 2019, 21:40 (44 days ago) @ ZihuaRob

They support sending money to Mexico, and I think it is a popular choice for expats sending money to themselves here in Mexico, from US accounts. But as far as I know, they do not support Mexicans receiving USD into a TransferWise account. The service which supports holding funds in a virtual USD account is what they call TransferWise Borderless (mentioned by the other poster). That's what you would need. You may be able to get a Transferwise account, but without the USD support. Unfortunately, I think you're back to square one.

https://transferwise.com/es/help/17/balances-multidivisa/2813542/why-cant-i-get-a-borderless-account

I have looked into this extensively for work purposes, and these types of services are hard to find for Mexicans. But maybe it'll work if you register as a USA citizen with a USA address.

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International Commerce question

by ZihuaRob ⌂ @, Zihuatanejo, México, Tuesday, September 10, 2019, 19:01 (43 days ago) @ Scott

They support sending money to Mexico, and I think it is a popular choice for expats sending money to themselves here in Mexico, from US accounts. But as far as I know, they do not support Mexicans receiving USD into a TransferWise account. The service which supports holding funds in a virtual USD account is what they call TransferWise Borderless (mentioned by the other poster). That's what you would need. You may be able to get a Transferwise account, but without the USD support. Unfortunately, I think you're back to square one.

https://transferwise.com/es/help/17/balances-multidivisa/2813542/why-cant-i-get-a-borderless-account

I have looked into this extensively for work purposes, and these types of services are hard to find for Mexicans. But maybe it'll work if you register as a USA citizen with a USA address.

Yep, confirmed again, no Borderless Accounts for Mexicans that manage dollars. Bummer.

Man, the list of alternatives just keeps getting more and more dismal. I'm down to 2Checkout (I think they don't allow dollar transactions for Mexicans, waiting to confirm) PayU and Payza, though the former seems to have poor customer service and the latter seems to charge heavy fees. Sheeeeeeet!

And of course there's Bitcoin, which I'd like to avoid if possible.

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International Commerce question

by Curly! @, Great Pacific Northwet, Thursday, September 05, 2019, 09:57 (48 days ago) @ ZihuaRob

Rob wondered:

Not sure why they're essentially cancelling one of the most useful parts of their service.

Undoubtedly pressure from the banks. They're not getting their cut of your transactions. Somebody has to pay for those CEO salaries.

--
Curly!

International Commerce question

by BL @, Thursday, September 05, 2019, 10:12 (48 days ago) @ Curly!

Pressure from regulators. PayPal doesn’t have a banking license, therefore they can’t hold money. It is unfortunate for those of us who used PayPal to pay for stuff and receive payments.

Not sure about an alternative, Rob.

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International Commerce question

by ZihuaRob ⌂ @, Zihuatanejo, México, Thursday, September 05, 2019, 11:47 (48 days ago) @ BL

Pressure from regulators. PayPal doesn’t have a banking license, therefore they can’t hold money. It is unfortunate for those of us who used PayPal to pay for stuff and receive payments.

Not sure about an alternative, Rob.

Gee, it only took them 22 years to figure this out? I guess that's a lightning fast response compared to broken policies like the Cuban Embargo, the War on Drugs and immigration.

I suspected short-sighted greed was behind this. So lots of businesses are going to lose billions in sales just so a few bankers can make bigger bonuses for their CEOs because people don't trust giving out their credit card info to online merchants. That was the niche PayPal filled. Once the dust settles there will likely be a new king of online billing and payments, and I wouldn't be surprised if there were a political connection behind all this. The folks who claim to want to deregulate everything all of a sudden want to regulate online commerce. No surprise there.

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International Commerce question

by mexicoman @, Zihuatanejo, Thursday, September 05, 2019, 10:14 (48 days ago) @ Curly!

And the tremendous amount of untaxed income from Airbnb that goes directly to owners credit cards.

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CapOne

by Talley Ho @, Playa la Ropa, Thursday, September 05, 2019, 13:12 (48 days ago) @ ZihuaRob

I just spent about 20 minutes on line with them, and our new ATM cards, good for 4 years, will not be sent to our US friends address tomorrow but will be FedEx Express delivered here on Monday at no charge to us. We love Cap One.

PayPal was a great thing for many years. Until about 4 years ago when the US Federal government caught on, there was no accounting to the IRS. Then it changed, sigh. I think the rules became/are more than 200 transactions in a year OR $20,000 US dollars passing through the account. Then they issue a 1099, however, it is not itemized in any way, it simply states how much was deposited into the account. It was hard for those of us on eBay, but it worked.

Now with their new payment schedules and fees, we are doing our best not to use them.

CapOne

by kimba @, Thursday, September 05, 2019, 15:47 (48 days ago) @ Talley Ho

I second using CapOne. Started with them around 3 years ago. No foreign transaction fees for credit or debit cards. All the customer service people are knowledgeable and go out of their way to solve problems or answer questions.

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CapOne

by ZihuaRob ⌂ @, Zihuatanejo, México, Thursday, September 05, 2019, 18:03 (48 days ago) @ Talley Ho

I just spent about 20 minutes on line with them, and our new ATM cards, good for 4 years, will not be sent to our US friends address tomorrow but will be FedEx Express delivered here on Monday at no charge to us. We love Cap One.

PayPal was a great thing for many years. Until about 4 years ago when the US Federal government caught on, there was no accounting to the IRS. Then it changed, sigh. I think the rules became/are more than 200 transactions in a year OR $20,000 US dollars passing through the account. Then they issue a 1099, however, it is not itemized in any way, it simply states how much was deposited into the account. It was hard for those of us on eBay, but it worked.

Now with their new payment schedules and fees, we are doing our best not to use them.

Oops. Looks like CapOne wants a U.S. phone number to open an account. I guess they don't like Telcel even though it's available throughout North America as a local service. On to Plan B.

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CapOne

by Talley Ho @, Playa la Ropa, Thursday, September 05, 2019, 19:00 (48 days ago) @ ZihuaRob

Today when I talked to them, they admitted that they couldn't send a text to confirm my identity to my TelCex phone. So, they gave me a supervisor who did a work around for us. In this case, photos of our passports. They will work with you.

They admitted that they tried to call our former US number, but found it was dead, but that was OK. I am very up front about the fact that we actually live in Mexico, but maintain a US residential address only so I can bank with them. They love hearing that.

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CapOne

by mexicoman @, Zihuatanejo, Thursday, September 05, 2019, 22:11 (48 days ago) @ ZihuaRob

Magicjack will give you a US number.

CapOne

by midalake @, Friday, September 06, 2019, 07:50 (47 days ago) @ mexicoman

Magicjack will give you a US number.

Yes this works, we have a MagicJack at the condo. However the MagicJack has to be purchased in the US and activated in the US before going into a suitcase.

D

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CapOne

by mexicoman @, Zihuatanejo, Friday, September 06, 2019, 09:01 (47 days ago) @ midalake

Or someone does it for you and sends it down.

International Commerce question

by Scott, Playa del Carmen, Quintana Roo, Mexico, Friday, September 06, 2019, 11:00 (47 days ago) @ ZihuaRob

Payoneer might be an option.
https://www.payoneer.com/

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¡BINGO!

by ZihuaRob ⌂ @, Zihuatanejo, México, Friday, September 06, 2019, 11:36 (47 days ago) @ Scott

Payoneer might be an option.
https://www.payoneer.com/

¡BINGO! Muchísimas gracias, Scott. That looks exactly like what I'm looking for.

Hey hey hey, you got me rockin' now! :stones:


https://youtu.be/5_vbbD9Szj8

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Oops! A Catch-22

by ZihuaRob ⌂ @, Zihuatanejo, México, Monday, September 09, 2019, 10:45 (44 days ago) @ ZihuaRob

Turns out BEFORE I can request a payment from a client they want me to have $5,000 in their account from some online payments source. Apparently it isn’t a service for small fish like me. I must’ve missed that detail in all the webpages of BS I read before signing up. I hate being made to feel like a country bumpkin even if I am one. Now I know to look out for THAT catch.

The search continues...

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International Commerce question

by Talley Ho @, Playa la Ropa, Friday, September 06, 2019, 12:15 (47 days ago) @ Scott

Looks really good!